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Annual Report 2020 Contents ANNUAL REPORT 2020 CONTENTS ABOUT US LEADERSHIP AND PEOPLE Page Page FY2020 Highlights 2 Board of Directors 32 Five - Year Financial Highlights 3 Senior Management Team 38 About AmFIRST REIT 6 About the Manager 7 Mission and Core Values 8 Fund Information 9 I PERFORMANCE REVIEW BUSINESS REVIEW Page Page Chairman’s Statement 10 Asset Profile 42 Management Discussion and Analysis 13 Market Report 60 Sustainability Statement 80 Eighth Annual General Meeting (“AGM”) of the Unitholders of AmFIRST Real Estate Investment Trust (“AmFIRST REIT”) Broadcast Venue : Symphony Square Auditorium, 3A Floor, No. 5 Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia Scan the QR Code Day and Date : Monday, 10 August 2020 to download the AGM's Time : 10.00 a.m. documents CORPORATE GOVERNANCE FINANCIAL STATEMENTS Page Page Statement of Corporate Governance 108 Statement of Financial Position 138 Statement on Risk Management and Statement of Comprehensive Income 139 Internal Control 121 Statement of Changes in Net Asset Value 141 Audit Committee Report 126 Statement of Cash Flows 142 Directors’ Responsibility Statement 130 Notes to the Financial Statements 143 Manager’s Report 131 Statement by the Directors of the Manager 181 Statutory Declaration 181 Trustee’s Report 182 Independent Auditors’ Report 183 1 INVESTOR RELATIONS OTHERS Page Page Investor Relations and Communications 135 Analysis of Unitholders 187 Corporate Directory 189 Notice of Eighth Annual General Meeting 190 Administrative Guide for the Eighth Annual General Meeting 193 Proxy Form Annexure to the Proxy Form Request Form Scan the QR Code to view our 2020 Annual Report online About Us FY2020 Highlights Asset Under Management Gross Revenue RM1,647.1 million RM120.7 million (31.3.2019 : RM1,642.3 million) 1 (FY2019 : RM121.2 million) 1 Closing Unit Price Net Property Income 40.5 sen RM76.6 million (31.3.2019 : 53.5 sen) (FY2019 : RM79.9 million) 1 2 Gearing Realised Net Profit 47.6% RM25.5 million (31.03.2019 : 47.3%) (FY2019 : RM28.2 million) NAV Per Unit DPU Per Unit RM1.2100 3.35 sen (31.3.2019 : RM1.2091) (FY2019 : 4.00 sen) 1 The amounts are adjusted with accrued unbilled rental income as required by MFRS 140 Investment Property and MFRS 16 Leases. AmFIRST Real Estate Investment Trust www.amfirstreit.com.my Annual Report 2020 Five-Year Financial Highlights FY2020 FY2019 FY2018 FY2017 FY2016 RM’000 RM’000 RM’000 RM’000 RM’000 SUMMARY OF FINANCIAL POSITION Investment Properties 1 1,647,140 1,642,331 1,639,993 1,657,379 1,627,026 Total Asset Value 1,679,146 1,671,846 1,664,385 1,679,565 1,728,132 Net Asset Value (“NAV”) 840,744 844,544 849,364 867,206 879,287 Borrowings 798,669 791,085 779,042 775,143 797,516 Gearing (%) 47.56 47.32 46.81 46.15 46.15 Units in Circulation (Units) (‘000) 686,402 686,402 686,402 686,402 686,402 NAV Per Unit (RM) - Before proposed final distribution 1.2249 1.2304 1.2374 1.2634 1.2810 - After proposed final income distribution 1.2100 1.2091 1.2166 1.2421 1.2503 - Highest NAV during the year (ex-distribution) 1.2347 1.2438 1.2716 1.2514 1.2810 - Lowest NAV during the year (ex-distribution) 1.2071 1.2091 1.2166 1.2228 1.2115 SUMMARY OF COMPREHENSIVE INCOME Gross Revenue 1 120,682 121,229 118,745 116,185 100,568 Net Property Income 1 76,565 79,942 80,686 77,448 61,866 3 Profit for the financial year, is made up of:- - Realised 25,493 28,205 30,686 27,889 38,358 - Unrealised (1,906) (5,912) (19,356) (5,650) 30,015 Total 23,587 22,293 11,330 22,239 68,373 DISTRIBUTION PER UNIT (“DPU”) (SEN) - Interim 1.86 1.87 2.12 1.93 2.03 - Final 1.49 2.13 2.08 2.13 3.07 Total 3.35 4.00 4.20 4.06 5.10 Distribution Yield (based on the respective closing market price) (%) 8.27 7.48 7.00 5.01 6.80 Management Expense Ratio (“MER”) (%) 2 1.05 1.01 0.98 1.04 0.99 Portfolio Turnover Ratio (“PTR”) (Times) 3 - - - - 0.14 1 These amounts are adjusted with accrued unbilled incremental lease rental income of Mydin Mohamed Holding Berhad's 30 years operating lease agreement commencing from 1 February 2016 and expiring on 31 January 2046 as required by MFRS 140 Investment Property and MFRS 16 Leases. 2 The calculation of MER is based on total fees incurred by AmFIRST REIT, including the Manager’s fees, Trustee’s fees, Audit fees, Tax Agent’s fees and administrative expenses, to the average net asset value during the financial year. 3 The calculation of PTR is based on the average of total acquisition and total disposal of investments in AmFIRST REIT for the financial year to the average net asset value during the financial year. AmFIRST Real Estate Investment Trust www.amfirstreit.com.my Annual Report 2020 About Us Five-Year Financial Highlights UNIT PRICE AND TRADING PERFORMANCE (FY2020) Unit Price (RM) Volume ('000) 0.70 4,500 0.65 4,000 3,500 0.60 3,000 0.55 2,500 0.50 2,000 0.45 1,500 0.40 1,000 0.35 500 0.30 - 9 0 9 9 9 9 0 9 9 9 0 9 1 1 1 1 2 1 1 1 2 1 1 2 - - - - - - - - - - - - l r t r v c g y n n b p c a u p a e o u e u a J e A O J J M F A S N D M Unit Price (RM) Volume Traded ('000) 4 FY2020 FY2019 FY2018 FY2017 FY2016 UNIT PRICE PERFORMANCE (RM) - As at 31 March 0.405 0.535 0.60 0.81 0.75 - Highest Traded Price during the year 0.545 0.615 0.825 0.86 0.95 - Lowest Traded Price during the year 0.355 0.515 0.60 0.73 0.71 - Average Traded Price during the year 4 0.477 0.57 0.71 0.79 0.84 - Average Volume Traded per day (Units) (‘000) 374 121 192 193 289 TOTAL RETURN (%) 5 Change in Unit Price (27.66) (11.45) (29.79) 7.69 (21.96) Income Distribution 7.13 7.05 5.96 5.21 6.05 Total Return (20.53) (4.41) (23.83) 12.90 (15.91) AVERAGE ANNUAL RETURN (%) 6 One year (20.5) Three years (16.3) Five years (10.4) Since the listing date (21 December 2006) 0.3 4 Average traded price during the year is calculated based on average of opening price and closing price for the financial year. 5 Total Return is based on the actual gross income distribution and net change in unit price at the opening and closing of the financial year, over the average unit price of the opening and closing of the respective financial year. 6 Average Annual Return is computed based on Total Return per unit for the period averaged over number of years. Note Past performance is not necessary indicative of future performance, unit prices and investment returns may fluctuate. AmFIRST Real Estate Investment Trust www.amfirstreit.com.my Annual Report 2020 Five-Year Financial Highlights Gross Revenue and Net Property Income Realised Net Income (RM’000) (RM’000) 121,229 120,682 38,358 118,745 116,185 100,568 30,686 28,205 27,889 80,686 79,942 25,493 77,448 76,565 61,866 FY2016 FY2017 FY2018 FY2019 FY2020 FY2016 FY2017 FY2018 FY2019 FY2020 Gross Revenue Net Property Income NAV Per Unit (after proposed income distribution) Distribution Per Unit and Closing Unit Price (Sen per unit) (RM per unit) 5 5.10 1.2503 1.2421 1.2166 1.2100 1.2091 4.20 4.06 4.00 3.35 0.81 0.75 0.60 0.54 0.41 0.41 FY2016 FY2017 FY2018 FY2019 FY2020 FY2016 FY2017 FY2018 FY2019 FY2020 NAV Closing Unit Price Total Asset Value and NAV Gearing (RM’000) (%) 1,728,132 1,679,565 47.6 1,679,146 47.3 1,671,846 1,664,385 879,287 46.8 46.2 46.2 867,206 849,364 844,544 840,744 FY2016 FY2017 FY2018 FY2019 FY2020 FY2016 FY2017 FY2018 FY2019 FY2020 Total Asset Value NAV AmFIRST Real Estate Investment Trust www.amfirstreit.com.my Annual Report 2020 About Us About AmFIRST REIT AmFIRST Real Estate Investment Trust (“AmFIRST REIT” or the “Trust”) is a real estate investment trust established in Malaysia and constituted by a Trust Deed dated 28 September 2006 (“Original Deed”) (as amended by the First Supplemented, Revised and Restated Trust Deed dated 15 December 2006 (“First Deed”) and the Second Restated Deed dated 13 September 2013 (“Second Deed or the “Deed”)) entered into between AmREIT Managers Sdn Bhd (“AmREIT” or the “Manager”) and Maybank Trustees Berhad, as the Trustee of AmFIRST REIT (the “Trustee”). The Second Deed has superseded the Original Deed and the First Deed. AmFIRST REIT was listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 21 December 2006. AmFIRST REIT is one of the largest Malaysian-based commercial real estate investment trusts and owns a diverse portfolio of nine (9) properties located in Klang Valley (including Cyberjaya), Melaka and Penang with a total Net Lettable Area (“NLA”) of approximately 3.2 million sq ft as at 31 March 2020.
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